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Upstream fiscal systems in brief

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15 April 2021

Upstream fiscal systems in brief

Report summary

The upstream fiscal systems in brief provides our opinion and analysis on the latest stories and trends related to upstream petroleum fiscal systems. We report on four main themes: fiscal disruption that impacts existing assets, fiscal evolution where changes that affect new licences, details and implications of ongoing discussions and biddable terms where terms are part of a competitive bidding process.

Table of contents

  • Fiscal webinar: carbon taxes and upstream subsidy debate
    • Europe
    • Fiscal disruption: the Netherlands finally improves the SPS investment allowance
    • Europe
    • Fiscal evolution: Malaysia introduces Enhanced Profitability and Late Life Asset PSC terms for 2021 licensing round
    • Asia Pacific
    • Fiscal disruption: Norway sets out carbon tax rise in climate action plan
    • Europe
    • What’s ahead for oil and gas fiscal systems in 2021?
    • Global
    • Ongoing discussion: surprise result in Romania’s election could delay upstream reforms
    • Europe
    • Insight: Harvest or grow? The fiscal dimension
    • Global
    • Fiscal disruption: Australia’s Queensland introduces volume-based royalty from October 2020
    • Asia Pacific
    • Fiscal evolution: PETRONAS releases Small Field Asset PSC terms for the ongoing licensing round
    • Asia Pacific
    • Fiscal disruption: some you win, some you lose in Russia tax changes
    • Russia & Caspian
    • Ongoing discussion: Nigeria's Petroleum Industry Bill at first glance
    • Sub-Saharan Africa
    • Insight: Sub-Saharan Africa's gas opportunity
    • Sub-Saharan Africa
    • Fiscal evolution: Indonesia returns cost recovery as an option for new licences
    • Asia Pacific
    • Ongoing discussion: UK launches licensing review for a low-carbon future
    • Europe
    • Fiscal evolution: New production enhancement contract for Uzbekistan
    • Russia & Caspian
    • Ongoing discussion: Global upstream fiscal tracker
    • Global
    • Fiscal disruption: Norway’s approves temporary tax incentives
    • Europe
    • Fiscal evolution: Liberia goes online in the market for suitable explorers
    • West Africa
    • Fiscal evolution: Papua New Guinea shifts to PSC regime from 2025
    • Asia Pacific
    • Fiscal disruption: Australia’s Queensland introduces volume-based royalty from October 2020
    • Asia Pacific
    • Fiscal disruption: PETRONAS agrees new sales tax settlement with Sarawak, Sabah to follow
    • Asia Pacific
    • Fiscal disruption: US grants federal royalty relief
    • North America
    • Ongoing discussion: Norway responds to oil market challenges
    • Europe
    • Ongoing discussion: Industry asks Indian government to cut production taxes
    • Asia Pacific
    • Fiscal evolution: New tax breaks for Arctic oil and gas projects
    • Russia and Caspian
    • Ongoing discussion: Norwegian government considers support for a sector under pressure
    • Europe
    • Fiscal disruption: Romania cancels gas levy; a first step in restoring investor confidence
    • Europe
    • Biddable terms: Bosnia and Herzegovina launches first licensing round
    • Europe
    • Ongoing discussion: Norway's tax system could support low carbon ambitions
    • Europe

Tables and charts

This report includes 37 images and tables including:

  • Potential impact of zero oil export duty on offshore project economics
  • Deepwater: state share and investor IRR
  • Onshore: state share and investor IRR
  • Fiscal disruptions - Netherlands increased SPS investment allowance
  • Malaysia - new fiscal terms
  • Cost recovery ceiling - EPT vs R/C PSC
  • Contractor profit share - EPT vs R/C PSC
  • EPT vs R/C comparison - shelf model field
  • The cost of Norway's carbon price 2020 vs. 2030 (USD/tCO2)
  • Queensland - volume-based royalty rates
  • Queensland - comparison of new and old royalty schemes for gas
  • Fiscal disruption - Queensland volume-based royalty
  • Malaysia - State share comparison
  • Russia - Summary of new MET credits
  • Russia - Summary of APT regime changes
  • Fiscal disruption - Russia tax changes
  • PIB headline tax rate comparison
  • PIB royalty rate comparison
  • Country summary: gas terms vs. resource opportunity
  • Revenue flowchart - Uzbekistan PEC
  • Summary of temporary tax changes
  • Total Norway cash flow: impact of tax changes
  • Pre-FID project NPV10 breakeven prices
  • Liberia PSC - Fiscal terms evolution
  • Comparison of government share for standard fields in Africa
  • Comparison of government share for onshore gas developments in Asia Pacific
  • Queensland - volume-based royalty rates
  • Queensland - comparison of new and old royalty schemes
  • Fiscal disruption - Malaysia state sales tax
  • US federal royalty relief
  • Pre-FID project NPV10 breakeven: proposals vs. existing terms
  • India - tax cut proposal
  • Tax breaks - 4th complexity category
  • Impact on reserves and value
  • Minimum production-based royalty rate
  • Min and max government share
  • Example tax allowances in Norway

What's included

This report contains:

  • Document

    Upstream fiscal systems in brief

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  • Document

    Upstream fiscal systems in brief

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  • Document

    Upstream_fiscal_systems_in_brief - 2018_March 2019_Archive.pdf

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  • Document

    Upstream Fiscal Systems In Brief March Dec 2019 Archive

    PDF 1.25 MB